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Suspension Alert: Binance Halts Trading of Eight Altcoins Connected to Bridge Protocol Multichain

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  • Binance has suspended transactions for eight altcoins linked to the Multichain bridging platform.
  • The suspension follows an incident in May that Multichain described as a “force majeure.”

Binance, the world’s leading cryptocurrency exchange, has announced the suspension of transactions for eight altcoins associated with Multichain, a platform facilitating interchain operations. This suspension affects deposits and withdrawals and comes in the wake of an unresolved incident in May.

A Precedent for Suspension: The May Incident

The affected cryptocurrencies include Alchemy Pay (ACH) via the BNB Smart Chain, Spell Token (SPELL) via the Avalanche C-Chain, and six other lower market cap projects on platforms like Ethereum and Fantom. This isn’t the first time these tokens have faced a suspension. A similar halt followed an event in May, which Multichain classified as a “force majeure.”

In this context, the term “force majeure” refers to an unforeseen circumstance or event causing disruption that couldn’t have been avoided or predicted. Multichain described the May incident as an attack that rendered some of its bridge routes inaccessible. However, Binance has not stated a specific reason for the current suspension, briefly mentioning the May incident in their announcement.

At the time of the May incident, Multichain made it clear that some of its cross-chain routes had become unavailable due to force majeure. They didn’t provide a timeline for service restoration but assured that once services were restored, pending transactions would be automatically credited. They also committed to compensating affected users, with the compensation plan to be announced later.

Adding intrigue to the situation, Multichain disclosed that it lost contact with its CEO, Zhaojun, following the May incident. Since then, there has been no update on his whereabouts. During this period, the team faced several challenges to keep the protocol running due to the unavailability of necessary server access for maintenance.

As of now, Binance has given no indication of when the suspension might be lifted. This development underscores the need for heightened vigilance and risk assessment in the dynamic, rapidly evolving world of cryptocurrencies.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628